City of Toronto and CreateTO partner for major co-op housing development

In a significant move to address the critical need for affordable housing, the City of Toronto and CreateTO have announced their partnership with Civic Developments, Windmill Developments, and the Co-operative Housing Federation of Toronto for the development of a groundbreaking housing project at 2444 Eglinton Ave. E. This project, one of the largest affordable housing initiatives in Ontario in the past 25 years, will provide approximately 918 homes, including 612 rent-geared-to-income (RGI), affordable, and market rent-controlled co-operative homes.

Mayor Olivia Chow expressed her satisfaction with the development partners, stating, “This project is a good example of how the City, not-for-profit housing providers, and private developers can work together to get affordable housing built. This will be the largest co-operative housing development in Ontario to date and will serve as a roadmap to help guide future developments because we need more housing and everyone at the table to deliver it.”

The development will consist of two co-op buildings and a market ownership building, offering a mix of studios, one-bedroom, two-bedroom, and three-bedroom apartments. With 3,580 square feet of community space and 12,770 square feet of retail space, this site adjacent to the Kennedy Mobility Hub will foster a sustainable and inclusive community.

Councillor Michael Thompson, representing Scarborough Centre, expressed pride in hosting the largest co-operative housing development in the province, highlighting its significance in optimizing the value of the city’s land and improving transit infrastructure.

The Housing Now Initiative played a pivotal role in making this project possible. Through this initiative, the City Council allocated approximately $40 million in land value and financial incentives, including fee waivers and property tax exemptions.

Vic Gupta, Chief Executive Officer of CreateTO, stressed the importance of today’s announcement, stating, “CreateTO is tasked with making the best use of City land to help solve some of the city’s most pressing issues, including building more affordable homes within inclusive communities across Toronto.”

Construction is expected to commence in 2024, with at least 33% of the affordable homes and 15% of the market rental homes being accessible.

The Housing Now Initiative is a key component of the City’s HousingTO 2020-2030 Action Plan (HousingTO Plan), which aims to approve 65,000 new rent-controlled homes over the next decade. To date, the City has committed approximately $2 billion in land value, capital funding, and financial incentives towards achieving this goal, but additional investments from various sectors are crucial to meet the target.

The implementation of the HousingTO Plan, including initiatives like Housing Now, will not only support Toronto’s housing supply and economic growth but also contribute to meeting population growth targets and providing diverse housing options for individuals and communities across the city.

For more information about the Housing Now Initiative and the HousingTO 2020-2030 Action Plan be found on the City’s website.

Toronto is home to more than three million people whose diversity and experiences make it Canada’s leading economic engine and one of the world’s most diverse and livable cities.